According to the U.S. Bureau of Labor Statistics, Americans with a bachelor's degree earn a median weekly income of $1,173, while those with only a high school diploma earn just $712. Nevertheless, experts still advise high school students to think twice before investing in a college degree with significant debt.
College costs can be difficult to estimate, and even for applicants who investigate metrics like post-graduation debt balances and average alumni salaries, quantifying the results can be challenging. Published tuition sticker prices do not include grants, scholarships, or loans; financial aid amounts change every year; and expenses for housing, travel, books, and other personal costs are rapidly increasing.
Moreover, fewer than half (41%) of first-time full-time college students earn a bachelor's degree within four years. Many end up paying far more than four years of tuition, greatly increasing the cost of education.
CNBC recently used data from The Hechinger Report and PayScale's college salary report to rank U.S. universities by return on investment.
This ranking excluded tuition-free institutions, including military academies like West Point and the U.S. Naval Academy, because the cost of military service after graduation introduces a factor that is difficult to compare with other schools.
In this ranking, Stanford University takes first place. For students from families with an annual income between $48,001 and $75,000, the annual net cost is $4,061. Stanford graduates with more than 10 years of work experience earn an average salary of $143,100.
According to PayScale data, 51% of Stanford students major in STEM fields, which contributes to the high average graduate salary.
Meanwhile, Stanford is known for providing strong financial aid. Students from families earning less than $65,000 receive an average of $74,095 per year in scholarships and grants. Those from families earning between $65,000 and $95,000 receive an average of $65,050.
Let's take a look at which American universities truly deliver high returns.
Private Universities
01 Stanford University
Average net cost (income $48,001–$75,000): $4,061
Average salary for 0–5 years of experience: $76,500
Average salary for 10+ years of experience: $143,100
Average early- and mid-career salary: $109,800
02 Princeton University
Average net cost: $4,557
Average salary for 0–5 years of experience: $72,700
Average salary for 10+ years of experience: $141,300
Average early- and mid-career salary: $107,000
03 University of Chicago
Average net cost: $4,536
Average salary for 0–5 years of experience: $61,600
Average salary for 10+ years of experience: $117,500
Average early- and mid-career salary: $89,550
04 California Institute of Technology
Average net cost: $6,781
Average salary for 0–5 years of experience: $83,400
Average salary for 10+ years of experience: $143,100
Average early- and mid-career salary: $113,250
05 Harvard University
Average net cost: $6,577
Average salary for 0–5 years of experience: $72,600
Average salary for 10+ years of experience: $142,600
Average early- and mid-career salary: $107,600
06 Yale University
Average net cost: $6,551
Average salary for 0–5 years of experience: $68,300
Average salary for 10+ years of experience: $135,400
Average early- and mid-career salary: $101,850
07 Columbia University
Average net cost: $6,592
Average salary for 0–5 years of experience: $69,200
Average salary for 10+ years of experience: $127,500
Average early- and mid-career salary: $98,350
08 Massachusetts Institute of Technology
Average net cost: $8,633
Average salary for 0–5 years of experience: $83,600
Average salary for 10+ years of experience: $150,400
Average early- and mid-career salary: $117,000
09 Pomona College
Average net cost: $6,975
Average salary for 0–5 years of experience: $60,500
Average salary for 10+ years of experience: $119,900
Average early- and mid-career salary: $90,200
10 Duke University
Average net cost: $7,880
Average salary for 0–5 years of experience: $68,700
Average salary for 10+ years of experience: $133,100
Average early- and mid-career salary: $100,900
Public Universities
01 University of Washington, Seattle
Average net cost: $8,984
Average salary for 0–5 years of experience: $59,900
Average salary for 10+ years of experience: $111,800
Average early- and mid-career salary: $85,850
02 University of Washington, Bothell
Average net cost: $8,767
Average salary for 0–5 years of experience: $58,200
Average salary for 10+ years of experience: $104,100
Average early- and mid-career salary: $81,150
03 Massachusetts Maritime Academy
Average net cost: $10,235
Average salary for 0–5 years of experience: $67,200
Average salary for 10+ years of experience: $114,600
Average early- and mid-career salary: $90,900
04 University of Michigan, Ann Arbor
Average net cost: $10,106
Average salary for 0–5 years of experience: $62,000
Average salary for 10+ years of experience: $107,900
Average early- and mid-career salary: $84,950
05 Georgia Institute of Technology
Average net cost: $12,284
Average salary for 0–5 years of experience: $70,800
Average salary for 10+ years of experience: $131,900
Average early- and mid-career salary: $101,350
06 Purdue University
Average net cost: $10,828
Average salary for 0–5 years of experience: $60,200
Average salary for 10+ years of experience: $105,800
Average early- and mid-career salary: $83,000
07 College of William & Mary
Average net cost: $11,320
Average salary for 0–5 years of experience: $57,100
Average salary for 10+ years of experience: $113,600
Average early- and mid-career salary: $85,350
08 Michigan Technological University
Average net cost: $12,080
Average salary for 0–5 years of experience: $64,600
Average salary for 10+ years of experience: $110,200
Average early- and mid-career salary: $87,400
09 University of California, Los Angeles
Average net cost: $12,416
Average salary for 0–5 years of experience: $60,000
Average salary for 10+ years of experience: $118,500
Average early- and mid-career salary: $89,250
10 Baruch College
Average net cost: $11,473
Average salary for 0–5 years of experience: $57,100
Average salary for 10+ years of experience: $107,600
Average early- and mid-career salary: $82,350
How about it? Did your university make the list?
